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• 3/17/2009 10:53 AM Robert Vogel wrote:
  http://www.seconnecticut.com/economy.htm
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• 3/17/2009 2:37 PM Edward J. Dodson wrote:
  Professor Hudson recommends that mortgage indebtedness be written off in order to solve much of the problem caused by the collapse of the global property markets. Certainly, those individuals who were victimized by mortgage fraud and predatory lending practices should be protected from the loss of their property, which was provided as collateral for the borrowing obtained.
  
  On the other hand, there were millions of individuals and investors who knowingly leveraged themselves far higher than was prudent on the expectation they would be able to resell the property in a few years at a significant personal financial gain. Neither they nor the lenders who made these mortgage loans (or the investors and others who were paid to take on part of the default risk) should be protected from their downside risk of their decisions.
  
  One of the first regulatory measures that needs to be implemented is to prohibit the banks from relying on land value as collateral for lending. The banks should be permitted to make loans only for the purchase or refinance of actual buildings. This measure would remove much of the accelerant that fueled speculation in the property markets -- and protect bankers from themselves. In every property market cycle, lenders expose themselves to huge losses as in the last years before a collapse they finance more and more land and less and less homes and other buildings. Professor Hudson is one of the few economists who actually understands property markets and the fact that we have not have a "housing collapse" in the U.S. and Britain and elsewhere, but a collapse of very speculative and dysfunctional land markets.
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• 4/9/2009 9:45 PM Chris Walker wrote:
  Hang on a minute, in the last minute he said there are "450 trillion dollars in derivative contracts that are now junk"...could we please have a little bit of explanation/back up for such a mind-boggling claim?
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• 5/15/2009 8:23 AM David Boese wrote:
  Hi Professor Hudson
  Bravo, bravo for you excellent video and your take on how to fix the economy. What is really intriguing to me is that I am not a learned man, but that I produced a model on monetary reform back in 2004 and many of the things you talk about are in this model. Besides debt forgiveness, I address other issues, with solutions that I think even you as a trained economist would find interesting. If you supply me with an email address I would be more than pleased to send this model to you.
  
  Regards
  David Boese
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